Metaplanet Navigates Significant Bitcoin Impairment While Forecasting Robust Revenue Growth

Metaplanet, the Japanese-listed company often dubbed “Asia’s MicroStrategy” for its aggressive Bitcoin acquisition strategy, has announced a projected impairment loss of up to 104.6 billion Japanese Yen (approximately $680 million) on its Bitcoin assets for the fiscal year 2025. This substantial accounting adjustment comes amidst a recent pullback in the cryptocurrency market. However, in a contrasting and optimistic move, the company has simultaneously upgraded its full-year revenue forecast, buoyed by the exceptional performance of its Bitcoin revenue-generating businesses.

In a statement released on Monday, Metaplanet clarified that this anticipated impairment is categorized as a “non-operating expense,” assuring stakeholders that it will not impact the company’s actual cash flow or day-to-day operations. The company emphasized its long-term strategic commitment to Bitcoin.

Navigating Accounting Headwinds

Following the recognition of this Bitcoin-related impairment, Metaplanet projects a consolidated ordinary loss of 98.56 billion JPY (approximately $640 million) and a consolidated net loss of 76.63 billion JPY (approximately $498 million) for FY2025. The total comprehensive loss attributable to shareholders is estimated at 54.02 billion JPY (approximately $351 million). The full financial report is slated for official release on February 16.

“Short-term accounting fluctuations are an unavoidable component of our business model,” Metaplanet stated in its announcement. “Nevertheless, the company’s mid-to-long-term Bitcoin accumulation strategy and capital deployment plans remain firmly on track as planned.”

The primary driver behind this impairment is the significant difference between Metaplanet’s average Bitcoin acquisition cost and its year-end market value. As of the end of 2025, Metaplanet held a total of 35,102 Bitcoins at a high average cost of $107,606 per coin. However, Bitcoin closed at $87,500 on December 31, 2025, triggering the need for this substantial asset write-down.

Strategic Resilience and Revenue Upside

Despite the accounting challenges posed by its substantial Bitcoin holdings, Metaplanet has revised its full-year FY2025 financial outlook upwards. This optimistic adjustment is attributed to the stronger-than-expected performance of its Bitcoin revenue-generating operations. This segment primarily leverages Bitcoin derivatives and options strategies, successfully creating stable cash flow even amidst volatile market conditions.

Metaplanet now anticipates total revenue for FY2025 to reach 8.9 billion JPY (approximately $57.8 million), a significant 31% increase from its previous forecast of 6.8 billion JPY (approximately $44 million). Operating profit is projected to soar to 6.3 billion JPY (approximately $41 million), representing a substantial 33.8% upward revision from the initial estimate of 4.7 billion JPY (approximately $30.5 million).

The company further highlighted that this robust growth is fueled by diversified financing avenues, including the issuance of Class B perpetual preferred shares and securing a $500 million credit facility. “These initiatives provide us with enhanced flexibility to deploy capital strategically and further expand our allocation to the Bitcoin revenue-generating business,” the company affirmed.

Ambitious Future Projections

Looking ahead, Metaplanet has outlined ambitious forecasts for the fiscal year 2026. The company predicts revenue will reach 16 billion JPY (approximately $104 million), with operating profit expected to hit 11.4 billion JPY (approximately $74 million). These figures represent impressive year-over-year growth of 79.7% and 81.3%, respectively, compared to the FY2025 projections. Notably, the Bitcoin revenue-generating business is expected to be a dominant contributor, projected to generate 15.6 billion JPY (approximately $101.3 million) in revenue for FY2026.